In a recent Twitter exchange, a vocal crypto community investor celebrated their success with Solana ($SOL), claiming a staggering 300x return for those who bought in at $8. The tweet highlighted the profit-driven mindset in the crypto space, emphasizing that not everyone is in it for the technology. The investor contrasted $SOL’s affordability and remarkable gains that the token has achieved this bull run with Bitcoin’s status as a mere store of value, dismissing it as “archaic tec” plagued by slowness and high transaction fees.
Bitcoin advocate Max Keiser, known for his strong support of the leading cryptocurrency, responded with a bold prediction. Keiser commented on a potential downfall for $SOL, either through a significant drop of 90% or a perpetual decline against Bitcoin. He suggested a possibility of rug-pull for SOL and anticipates a drop of 90%.
The term “rug-pull” refers to instances where projects, including $SOL, experience a sudden and substantial drop in value due to fraudulent activities. Keiser’s comment was based on the 2021 incident where a $6.7 million Luna yield of Solana disappeared (rug-pull), raising concerns about the security and stability of the $SOL token. Additionally, Keiser highlighted a broader pattern, citing a history of rug-pulls in various NFT projects associated with Solana.
It’s noteworthy that Max Keiser holds a significant role as a Senior Advisor to Nayib Bukele, the President of El Salvador—the first country to adopt Bitcoin as its legal tender. El Salvador’s bold move has generated global attention, with Keiser actively promoting Bitcoin and blockchain technology.
El Salvador’s President Nayib Bukele announced on June 5, 2021, that the country would make Bitcoin a legal currency parallel to the US dollar, becoming the first nation in the world to do so.
This decision was welcomed by the global cryptocurrency community, including Keiser and Herbert, who have long been vocal supporters of Bitcoin and other digital assets.
On May 6, 2023, Keiser and Herbert tweeted that they were going to assist the president and El Salvador in becoming the new Singapore. This statement refers to Singapore’s status as a global financial center with a reputation for being business-friendly and a hub for innovation and technology. Since then, Max Keiser and Stacy Herbert reportedly offered to support El Salvador in its efforts to become a “new Singapore” by adopting Bitcoin as a legal tender.
